LOS ANGELES and DESERT HOT SPRINGS, Calif., Jan. 25, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), an innovative California-based cannabiotech company, filed a Current Report on Form 8-K yesterday covering its Notice of New Cannabis Product (“NNCP”) filing with Health Canada. Approval of the NNCP by Health Canada will enable Grapefruit to sell its patented Hourglass™ Time Release THC+CBD-Infused Topical Delivery Cream to licensed retail outlets throughout Canada under the Canadian Federal Cannabis Act (the “Act”).
The Act became effective Oct. 17, 2018, as a result of which Canada became the second country in the world to formally legalize the cultivation, possession, acquisition and consumption of cannabis and cannabis-based products. Canada is the first G7 and G20 nation to federally legalize cannabis. The Act and its regulations provide, among other things, the nationwide framework for legal access to cannabis and the control and regulation of its production, distribution and sale.
Health Canada is the Canadian federal government licensing authority and is also responsible for approving and overseeing the production of all cannabis products. Health Canada requires that all cannabis products meet federal regulatory requirements before they can be sold in Canada. Health Canada’s review and ultimate approval of Grapefruit’s NNCP is a mandatory prerequisite to the launch of sales of Grapefruit’s Hourglass technology-based products in Canada.
Bradley J. Yourist, Grapefruit’s CEO and co-founder, commented, “A filing on Form 8-K is only appropriate for truly material events. The filing of the NNCP is one of the most material events in Grapefruit’s history, as approval by Health Canada will allow us to commence sales of Hourglass technology-based THC and THC/CBD products in the largest federally legal cannabis market in the world. The world’s best cannabis topical delivery cream will then be available in the world’s largest national legal THC market – a perfect complement to Grapefruit’s California sales of THC/CBD Hourglass products and worldwide sales of Hourglass technology powered non-THC hemp-based CBD products.”
For additional information about Hourglass Canada, please visit: https://grapefruitblvd.com/hourglass-canadian-launch/
To purchase Grapefruit’s groundbreaking CBD delivery relief cream outside of Canada, please visit: https://hourglassonlinestore.com/
To learn more about Grapefruit’s new sustained-release Hourglass™ THC+Cannabinoid Topical Delivery Cream, please watch this promotional video: https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be and visit our website at: https://grapefruitblvd.com/hourglass/
For investor information, please visit our website at:
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About Grapefruit
Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Road, approximately 14 miles north of downtown Palm Springs. To obtain further information on Grapefruit and its operations, please visit the Company’s website at https://grapefruitblvd.com/.
Safe Harbor Statement
Grapefruit cautions that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the Company may not ever obtain additional funds necessary to support its business development and growth plans; and the Company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2021, and its Registration Statement on Form S-1/A. Such documents may be read free of charge on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact:
Bradley Yourist
ir@grapefruitblvd.com
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
(760) 205-1382
https://grapefruitblvd.com/
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